John McAfee Calls Bitcoin ‘Old’ and ‘Clunky’, Says Altcoins are the Future


John McAfee, who was previously an avid fan of Bitcoin and cryptocurrency, suddenly pulled back his praise for the asset.

In a Jan. 28 tweet, McAfee called Bitcoin “old, clunky, insecure” and compared it to characteristics of other assets such as Ethereum and its smart contracts before calling it a “Shitcoin.”

Next, McAfee makes a bold prediction, claiming that “Crypto’s future rests on Alt Coins.” Altcoin is a common industry term for any asset that is not Bitcoin. There are thousands of them, each with varying degrees of value according to CoinMarketCap.

McAfee’s opinion on Bitcoin is as volatile as the cryptocurrency itself. The entrepreneur once said Bitcoin would hit $ 1 million by the end of 2020, only to back down on that point prediction five days in the new year, when the asset did not. Today’s claim is particularly odd given that Bitcoin is currently on an uptrend, standing at $ 9,300 and climbing as of this writing.

Many believe that this price increase is due to the institutional interest in Bitcoin, with companies like Bakkt and the CME group introduction of Bitcoin options and futures, further legitimizing the asset in the eyes of large investors.

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